How Much Marketing Agencies Make?
Defining rates for services may not always be an easy task. However, there are ways to calculate how much you should earn. Let’s take under the microscope marketing agencies. And if you’re curious about the average salary for marketing agencies, you can easily deduct it.
According to statistics, “marketing managers made an average salary of $144,140 in 2016. Sales managers made less that same year at $135,090, as did business operations managers ($122,090), management analysts ($91,910) and market research analysts ($70,620).” Overall, the numbers are high and marketing agencies make some of the largest amounts of money in the business sector.
The salary depends on such factors as type of job, position, location, industry, skills and education or experience. In many cases, it may differ but an average number can be calculated based on general data. If you want to find out the average salary for marketing agencies, you should collect all the information on your company you have, including the above factors, and apply it to all people working in your marketing agency.
Defining Average Rates
The average salary for marketing agencies can be calculated by using time tracking software. First of all, you’ll need to use it because you won’t be able to define any costs. Time is usually the main factor deciding on the salary. Hence, having all that data on time is the basis for defining an average salary for marketing agencies.
Defining average rates for your company can happen only if you involve everyone and everything in it. Thus, you need to have information on your employees work, their performance as well as the company’s overall performance. And time tracking software, such as TimeCamp can help you with that in a few easy steps:
- It tracks time of all your employees in the form of transparent and detailed reports so you can have everything under control.
- Since budgeting is a crucial aspect in defining average rates, you can easily manage and control it with TimeCamp. Thanks to that you can know exactly what all the money is spent on.
- With all projects and tasks, you can not only monitor all the progress but also make sure the budget is not exceeded.
- Integrations allow you to connect TimeCamp with other tools for even more information on your marketing agency salary.
With these features, TimeCamp can serve as your personal calculator of hourly, monthly, annual rates. You can also adjust it to your needs and choose from many other useful features.
Once you have all that data, you can not only know how much your agency is making but also how it looks in comparison to competitors and how it stands in terms of the average salary for marketing agencies.
Average Rates vs Specific Rates
Having the average rates is good but not good enough if you want to stay on top. If you want to be like one of these marketing agencies with the best salary and best position in rankings, you need to make sure things are working properly. And that concerns also your employees. You have to monitor all the processes and people’s work to make sure numbers add up.
Once you do that, you will only benefit from it since you’ll know all the specific rates. You will not only bill your clients properly but make sure your staff is effective.